Why Should You Use a Personal Loan to Pay for Medical Expenses? - LetsDiskuss
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Why Should You Use a Personal Loan to Pay for Medical Expenses?

Anamika Verma

@ Financial Advisor | | Share-Market-Finance

The Indian healthcare industry shows a continuous rise in cost of patient care over the last decade. Modern treatments include state-of-the-art equipment, which add up to the with substantial bills. A long list of diagnostics, doctors’ fee, and healthcare and nursing gill can further add up to the financial burden. Many people choose to tackle such a large financial hurdle with the help of a medical loan instead of exhausting their personal savings.


Emergency medical loans are a derivative of conventional personal loans offered by most financial institutions. These medical loans are tailor-made to help you overcome sudden health crises. There are various reasons why you should avail a personal loan for medical emergency. The convenience of this type of financing makes it an ideal alternative or supplement a health insurance. Let’s take a look why you should use a personal loan to pay for medical expenses. 



Advances of up to Rs. 25 Lakh


You can get up to Rs. 25 Lakh as instant personal loan for medical emergencies. The substantial capital can be used to pay for all types of medical expenses.


These loans also come with provision for short-term and long-term ailments. Certain medical conditions necessitate immediate medical procedures. With the substantial loan amount, you can pay for the mandatory treatment, and use the remainder to cover other expenses.


A long-term ailment might require you to stay near the medical facility for an extended period of time. You can finance such additional expenses with the help of an emergency medical loan too. There is no end usage restriction as they are a form of small personal loans. You can spend the money on medicines, transports, food, and even rent. 


The fastest form of credit


A medical emergency loan is a favourable option when you are looking for a mean to finance a crisis. Minimum documentation and easy-to-meet eligibility criteria keep the entire process hassle-free and straightforward. Lenders generally approve an application within 5 minutes.

Also, you will have to submit only the necessary papers while applying for a personal loan for a medical emergency. These include KYC documents, proof of employment, bank statement and salary statement for the last three months. The eligibility criteria are also straightforward. You have to be a salaried Indian citizen working at an MNC, public, or private sector. Also, you should be between 23 and 55 years of age. 


If you meet all the requirements, the lender will disburse your loan within 24 hours of validating your documents. Various financial institutions even have several attractive offers that further streamline the process.


Collateral-free financing


Emergency medical loans are unsecured financial advances, like other types of personal loans or credit card loans. You will not have to pledge any asset as a guarantee against the capital. 


Flexible repayment options 


Lenders offer instant personal loan for a medical emergency with flexible repayment options. You can choose a tenor ranging from 24 to 60 months. This will allow you to set an EMI rate according to your repayment capability.


You can use a personal loan EMI calculator to determine a preferred payment schedule. There is even provision for part payment and foreclosure which will help you get out of debt quickly. 


At the time of a medical emergency, you should concentrate on the situation at hand instead of worrying about available finances. An instant personal loan for medical emergency frees you from the worry of gathering the necessary funds provide your loved ones with the best healthcare option available.